Sun Life Philippines offers your company a unique opportunity to provide life insurance for your employees without need for evidence of insurability at very affordable premium rates.

If your company employs at least 5 "actively at work" employees who are 18 to 65 years old of age and are performing standard risk occupations, you can now avail of Sun Life Philippines' 5 Plus Group Insurance Plan.

Sun Life Philippines' 5 Plus Group Insurance Plan provides protection for your employee's in three ways:

1. Life Insurance
   Sun Life Philippines shall pay the amount of insurance to designated beneficiaries for loss of life of an insured employee.
2. Accidental Death, Dismemberment and Disability (ADD&D) Income Benefit
   Sun Life Philippines shall pay an additional amount of insurance for loss of life or a percentage thereof for dismemberment or disability due to accidents.
3. Total & Permanent Disability Income (TPDI) Benefit
   If the employee becomes totally and permanently disabled for his entire lifetime as a result of accidental injuries or illness, Sun Life shall provide a monthly income for a maximum period of 60 months.

Eligible Groups
Organizations employing at least five (5) but not more than fifty (50) people engaged in

1. standard risk industries
2. substandard occupations

Available Plans
The 5 Plus Plan is a yearly renewable Group Life Insurance program catering to small scale businesses. Available plans are as follows:

1. Plan A - insured amount of Ps 25,000.00
2. Plan B - insured amount of Ps 50,000.00
3. Plan C - insured amount of Ps 100,000.00
4. Plan D - insured amount of Ps 200,000.00

For standard risk industries, amount of insurance can be based on the positions or levels of employees within the company. The employer can also use multiple units of Plans A-D depending on the desired insured amount for each level or position. See examples below.

1. Managers can be given 5 units of Plan D - Ps 200,000.00. This is equivalent to an insurance amounting to P1,000,000.00
2. Supervisors can be insured at an amount of Ps. 400,000.00. This amount is computed by applying 4 units of Plan C - Ps.100,000.
3. If 3 units of Plan B - Ps. 50,000 is provided to Rank & File employees, the resulting amount of insurance will be Ps. 150,000.00.

Compute your own 5 Plus Premium! Click here

Enrollment Procedure
To enroll eligible employees and commerce the plan, the employer must submit to Sun Life the following:

1. DTI Certificate of Registration or Business Permit
2. Signed 5 Plus Application for Group Insurance with the list of eligible employees, dates of birth and positions
3. Total premium due for the group

Underwriting Requirement
No evidence of insurability for all actively-at-work employees.

Notification of Changes
The employer shall be responsible for informing Sun Life Philippines in writing about the enrollment of new employees and/or resignation of employees during the policy year. Pro-rated premium due Sun Life or the employers shall all be accounted at the policy anniversary date after considering all employee movements and changes during the policy year..

Minimum and Maximum
Minimum amount of insurance is Ps. 25,000. Maximum amount of insurance on any one life is Ps. 1 Million. If the employee is covered under more than one 5 Plus policy, the aggregate amount of insurance for all 5 Plus policies should not exceed Ps. 1 Million. In the event of a claim, no benefit for any amount of insurance in excess of Ps. 1 Million shall be paid. Premiums paid for excess amount of insurance shall be refunded.

Effective Date of Insurance

1. Effective Date of the policy:
   Provided all requirements are complete, Effective Date shall be upon receipt of the first premium due by Sun Life Philippines' Group Insurance Department, or by any of the cashiers of Sun Life's branch offices, directly from the Policyholder or through a Sun Life agent, representative or broker, regardless of the date appearing in the receipt issued by the said Sun Life agent, representative or broker.
2. Effective Date of Employee's Insurance:
   Insurance of employee's who are eligible on the Effective date of the policy shall take effect on the Effective date of the Policy. Insurance of an employee who meets the eligibility requirements subsequent to the effective date of the policy shall take effect on the date of the he meets the eligibility requirements, if no employees' contributions are required. For contributory accounts, the effective date shall be the latest of the date the employee becomes eligible or the date of enrollment provided, the date is not more than 31 days after he becomes eligible.

Note: Above terms and conditions are stated for discussion purposes only and shall not be part of the Group Policy Contract. Any insurance applied for as a result of this proposal will be subject to the provisions of the Application for Insurance and the Group Insurance Policy issued as a result of accepting this proposal. If there is any inconsistency between this proposal and the Application for Insurance or Group Insurance Policy, then the Application or Group Policy shall govern as the case may be.

 

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